State Bank allows clearinghouse membership to CDNS  

State Bank allows clearinghouse membership  to CDNS   


Karachi: SBP has allowed clearinghouse membership to the Central Directorate of National Savings (CDNS) to facilitate the general public. State Bank has issued instructions to all the banks to accept profit coupon/withdrawals slips pertaining to Pensioners Benefit Account (PBA), Behbood Saving Certificate (BSC) and Saving Account (SA) of CDNS. The investors can now deposit these instruments directly into their bank accounts, anywhere in Pakistan. These instruments will be cleared by CDNS through NIFT. Upon receipt of the successful clearance from National Savings, banks will then credit respective accounts of such investors. This initiative will enable the investors of CDNS to receive profit/credit directly into their accounts maintained with their banks which would serve as proficient and a safe mechanism for the general public.

It may be recalled that prior to clearing house membership of CDNS, its investors had to personally visit National Saving Centers (NSCs) to receive their monthly profits.